Quarterly power futures
Tha table shows the characteristic of quarterly power futures:
Characteristic |
Description |
Underlying |
Electricity |
Trading hours |
9:00 am - 5:40pm |
Quotations |
Power futures contracts are quoted in €/MWh. |
Delivery period |
The quarters January-March, April-June, July-September and October-December. |
Delivery rate |
1 MegaWatt (MW) |
Volume |
Number of MWh that are the subject of the contract, which is equal to the number of hours included in the delivery period. |
Contract size |
The size of the contract is determined by the product of the futures price and of its volume. |
Tick |
0.01 €/MWh |
Traded contracts |
Next four quarters. |
Last trading day |
Fourth trading day before the beginning of the delivery period. |
Daily closing price |
The daily closing price is established by Cassa di Compensazione e Garanzia. |
Settlement |
Quarterly futures cascade into monthly futures. |
Cascading |
At the end of the last trading day the open positions shall be replaced by equivalent positions in the three monthly futures with delivery periods equal to the calendar months included in its delivery period. |
Margin |
|
Give-up |
International give-up available. |